Carlyle Group Inc. co-founder David Rubenstein expects the pace of deals to pick up in 2023, after a slow past 12 months.

“There were fewer deals getting done last year than we would’ve liked,” Rubenstein says in a Bloomberg Television interview at the World Economic Forum in Davos, noting that reflected caution among buyers given worries about potential recessions. “This year, I suspect, will be better.”

He said there was plenty of dry powder in the private equity industry and that difficult economic times are “the best time to invest.”

This year could be a defining one for the private equity giant, which is seeking to rebound from three leadership transitions and whose founders — Rubenstein, Bill Conway and Daniel D’Aniello — are keen to play less prominent roles. Conway, 73, has been running the business since August, when the board lost confidence in then-CEO Kewsong Lee.